In a recent tweet Robert Sasu @SasuRobert emphasized the increasing potential for reStaking products within the cryptocurrency space, particularly highlighting Eigenlayer as the dominant player. However, Sasu also noted the emergence of new reStaking options on the Ethereum platform, accompanied by staggering valuations.
Currently, Eigenlayer boasts an impressive $13 billion or more in reStaked assets, despite offering no additional rewards apart from points. Nevertheless, the unique system holds significant appeal for builders, stakers, validators, and the entire active #web3 community.
During the development of the General Economics for SovereignChains, extensive research was conducted to understand various economic and staking models. This research encompassed economics models from IBC within the Cosmos ecosystem, the new Interchain Security model, Polygon SuperChains, Avalanche Appchains, as well as different Layer 2 solutions within the Ethereum ecosystem.
The economic design of the #SovereignChain currently employs a one-time restaking approach and non-custodial delegation. Additionally, it allows for extensive customization by individual SovereignChains, enabling the implementation of their own tokens and additional rules for reStaked $EGLD (Eigenlayer’s native token). This design facilitates the creation of an economic security fund that SovereignChains can leverage. Moreover, it enables the establishment of a general Sovereign Validator pool, which can be utilized to launch new chains without the need for recruiting new participants or creating a separate economic pool.
Furthermore, the design and contracts of the system introduce the concept of users sponsoring validators. This means that validators are no longer required to hold EGLD, as users can delegate their stake to them. Users can also delegate their stake directly to SovereignChains. This innovative approach aims to elevate existing economic models to new heights, powered by EGLD, and offers a broader range of options and free markets for users, validators, and projects alike.
The system also facilitates restaking, allowing users to utilize liquid staked assets and even engage in DeFi positions that involve such assets. The development of this product was driven by exhaustive research and a commitment to next-level innovation within the #MultiversX ecosystem.
As the Sovereign Chain space continues to evolve, Eigenlayer’s prominence and the emergence of new reStaking alternatives in the Ethereum landscape signify a growing focus on enhancing opportunities and fostering innovation within the decentralized finance sector. The introduction of open markets and the freedom to compete will likely drive further advancements in the industry, offering users and projects increased flexibility and potential for growth.
